The Securities and Exchange Board of India Act, 1992 (Act No. 15 of 1992)
Complete section-by-section text of the Securities and Exchange Board of India Act, 1992, as amended up to the Tribunals Reforms Act, 2021. An Act to provide for the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.
Chapter I — Preliminary
Chapter II — Establishment of the Securities and Exchange Board of India
- Section 3: Establishment and incorporation of Board
- Section 4: Management of the Board
- Section 5: Term of office and conditions of service of Chairman and members of the Board
- Section 6: Removal of member from office
- Section 7: Meetings
- Section 7A: Member not to participate in meetings in certain cases
- Section 8: Vacancies, etc., not to invalidate proceedings of Board
- Section 9: Officers and employees of the Board
Chapter III — Transfer of Assets, Liabilities, etc., of the Existing Securities and Exchange Board to the Board
Chapter IV — Powers and Functions of the Board
- Section 11: Functions of Board
- Section 11A: Board to regulate or prohibit issue of prospectus, offer document or advertisement soliciting money for issue of securities
- Section 11AA: Collective investment scheme
- Section 11B: Power to issue directions and levy penalty
- Section 11C: Investigation
- Section 11D: Cease and desist proceedings
Chapter V — Registration Certificate
Chapter VA — Prohibition of Manipulative and Deceptive Devices, Insider Trading and Substantial Acquisition of Securities or Control
Chapter VI — Finance, Accounts and Audit
Chapter VIA — Penalties and Adjudication
- Section 15A: Penalty for failure to furnish information, return, etc.
- Section 15B: Penalty for failure by any person to enter into agreement with clients
- Section 15C: Penalty for failure to redress investors’ grievances
- Section 15D: Penalty for certain defaults in case of mutual funds
- Section 15E: Penalty for failure to observe rules and regulations by an asset management company
- Section 15EA: Penalty for default in case of alternative investment funds, infrastructure investment trusts and real estate investment trusts
- Section 15EB: Penalty for default in case of investment adviser and research analyst
- Section 15F: Penalty for default in case of stock brokers
- Section 15G: Penalty for insider trading
- Section 15H: Penalty for non-disclosure of acquisition of shares and take-overs
- Section 15HA: Penalty for fraudulent and unfair trade practices
- Section 15HAA: Penalty for alteration, destruction, etc., of records and failure to protect the electronic database of Board
- Section 15HB: Penalty for contravention where no separate penalty has been provided
- Section 15-I: Power to adjudicate
- Section 15J: Factors to be taken into account while adjudging quantum of penalty
- Section 15JA: Crediting sums realised by way of penalties to Consolidated Fund of India
- Section 15JB: Settlement of administrative and civil proceedings
Chapter VIB — Establishment, Jurisdiction, Authority and Procedure of Securities Appellate Tribunal
- Section 15K: Establishment of Securities Appellate Tribunal
- Section 15L: Composition of Securities Appellate Tribunal
- Section 15M: Qualification for appointment as Presiding Officer, Judicial Member and Technical Member
- Section 15MA: Appointment of Presiding Officer and Judicial Members
- Section 15MB: Search-cum-Selection Committee for appointment of Technical Members
- Section 15MC: Vacancy not to invalidate selection proceeding
- Section 15N: Tenure of office of Presiding Officer, Judicial or Technical Members of Securities Appellate Tribunal
- Section 15-O: Salary and allowances and other terms and conditions of service of Presiding Officers
- Section 15P: Filling up of vacancies
- Section 15PA: Member to act as Presiding Officer in certain circumstances
- Section 15Q: Resignation and removal
- Section 15QA: Qualifications, terms and conditions of service of Presiding Officer and Member
- Section 15R: Orders constituting Appellate Tribunal to be final and not to invalidate its proceedings
- Section 15S: Staff of the Securities Appellate Tribunal
- Section 15T: Appeal to the Securities Appellate Tribunal
- Section 15U: Procedure and powers of the Securities Appellate Tribunal
- Section 15V: Right to legal representation
- Section 15W: Limitation
- Section 15X: Presiding Officer, Members and staff of Securities Appellate Tribunals to be public servants
- Section 15Y: Civil Court not to have jurisdiction
- Section 15Z: Appeal to Supreme Court
Chapter VII — Miscellaneous
- Section 16: Power of Central Government to issue directions
- Section 17: Power of Central Government to supersede the Board
- Section 18: Returns and reports
- Section 19: Delegation
- Section 20: Appeals
- Section 20A: Bar of jurisdiction
- Section 21: Savings
- Section 22: Members, officers and employees of the Board to be public servants
- Section 23: Protection of action taken in good faith
- Section 24: Offences
- Section 24A: Composition of certain offences
- Section 24B: Power to grant immunity
- Section 25: Exemption from tax on wealth and income
- Section 26: Cognizance of offences by courts
- Section 26A: Establishment of Special Courts
- Section 26B: Offences triable by Special Courts
- Section 26C: Appeal and revision
- Section 26D: Application of Code to proceedings before Special Court
- Section 26E: Transitional provisions
- Section 27: Contravention by companies
- Section 28: [Omitted]
- Section 28A: Recovery of amounts
- Section 28B: Continuance of proceedings
- Section 28C: Powers of Board not to apply to International Financial Services Centre
- Section 29: Power to make rules
- Section 30: Power to make regulations
- Section 31: Rules and regulations to be laid before Parliament
- Section 32: Application of other laws not barred
- Section 33: [Repealed]
- Section 34: Power to remove difficulties
- Section 34A: Validation of certain acts
- Section 35: Repeal and saving
Schedule
- The Schedule was repealed by the Repealing and Amending Act, 2001 (30 of 2001), s. 2 and the First Schedule (w.e.f. 3-9-2001).
